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Fixed deposits are a low risk investment that guarantees your investment and gives you stable returns. Compare fixed deposit interest rates and promotions from MoneySmart and find the one that gives you the best returns.

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Frequently Asked Questions

Frequently Asked Questions

What is a Fixed Deposit?

Fixed deposit or time deposit accounts are basically investments that earn you interest over a fixed tenure. When you deposit that money, you can’t withdraw it until the fixed tenure is over. Once it matures, you get back your initial deposit plus interest.

Why use a Fixed Deposit?

You enjoy significantly higher interest rates compared to typical savings accounts. The interest rates are fixed, and won’t fluctuate based on the market. It is therefore more reliable than investing in stocks or commodities. You are ensured of getting your initial deposit and a fixed sum of interest.

What is the downside of Fixed Deposit?

There is a loss of liquidity, as the money is committed for the duration. They are also more vulnerable to currency fluctuations. Though the interest rate is untouchable, you will still lose money if the Singapore dollar drops when it matures. And of course, some may argue that investing it in other instruments (Stocks, bonds etc) may yield you higher returns.

Do you qualify for a Fixed Deposit Account?

Singaporeans, PRs or foreigners may open a fixed deposit account, but you must be at least 12 years old, though some banks require you to be older.

What is the minimum amount you can deposit in a Fixed Deposit Account?

The minimum deposit is $1,000, though some banks have minimum amounts of $5,000.

What is the shortest tenure for a Fixed Deposit?

Generally, you have to opt for a 1-month fixed deposit tenure at least. Shorter tenures are possible with some banks if you’re planning to deposit larger amounts.

Are there additional bank fees with Fixed Deposits?

Not usually, but there might be fees for premature termination of the account.

What documents are needed to apply for a Fixed Deposit Account?

This is generally what you need to open a Fixed Deposit Account:

Your NRIC if you’re a Singaporean or PR. If you’re a foreigner, your passport and an Employment Pass, S-Pass or Student Pass. You may also need to provide a bank statement, phone bill or CPF contribution history statement that indicates your residential address.

Can you close your Fixed Deposit Account or withdraw the money before the maturity?

Yes, however, the bank reserves the right to only give you a fraction of the full interest or not give you any interest at all.

What is the best Fixed Deposit interest rate?

Banks revise their fixed deposit interest rates from time to time. They may even have promotional interest rates for specific amounts over specific tenures. Check MoneySmart.sg for the latest fixed deposit interest rates across all banks offering fixed deposits.

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